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Bethpage Federal Credit Union CD Rates – Up to 1.00% APY!


image credit: bethpagefcu.com

Bethpage Federal Credit Union is the 13th largest credit union in the nation and the largest credit union by asset size in the state of New York.

Headquartered in Bethpage, New York, this  member-owned cooperative was called the Grumman Employees Federal Credit Union back when it was first founded in 1941 to serve employees of Grumman Aircraft, an aircraft engineering corporation. 

Grumman Aircraft would later merge with Northrop Corporation to form Northrop Grumman, an aerospace and defense contractor, and Grumman Employees Federal Credit Union would undergo a few more name changes before settling on Bethpage Federal Credit Union (Bethpage FCU) in 1974. 

Although this sizable credit union doesn’t have especially high rates of return on its deposit accounts, it was rated a Top Credit Union of 2020 by Bankrate for its product range, customer service, and open membership.

Keep reading for more information about Bethpage FCU’s suite of deposit products.

Bethpage FCU CD Rates + Account Details

Deposit accounts with this financial cooperative are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor. $500,000 for joint accounts.

Each of the following Bethpage FCU certificate accounts requires a minimum opening deposit of just $50. There are CDs as short as three months and as long as five years available to members.

Bethpage FCU CD Rates

CD TermAPY
3 month0.50%
6 month0.50%
12 month0.50%
18 month0.50%
24 month0.60%
30 month0.75%
36 month0.75%
39 month bump-up0.75%
48 month0.85%
60 month1.00%

To put these rates in perspective, the current national average for 12 month CDs sits at just 0.22%. That said, higher APYs can be had through online banks, like Discover Bank, or other credit unions with nationwide acceptance, such as Spectrum.

Interest is compounded daily on all accounts and credited either monthly or quarterly—how frequently you’ll receive dividend pay-outs depends on your term and whether your account was opened online or in person. All accounts opened online are credited dividends monthly, but you’ll have the option to choose whether you want to be credited monthly or quarterly for 6, 12, 24, 36, and 39 month CDs opened in person.

The bump-up 39 month certificate comes with the option to have your rate increased one time in accordance with posted rate changes. So if Bethpage FCU decides to increase rates before your account reaches maturity, you can choose to have your certificate adjusted to earn this new rate until it matures, at which point it will automatically renew as a 36 month fixed rate certificate.

To keep earning interest, you must maintain an average daily balance of $50 or more. There is a 7 day grace period after maturity, when certificates automatically renew, in which you can make changes to an account or withdraw without incurring fees. Otherwise, early withdrawal will cost you 90 days’ interest for terms of 12 months or less and 180 days’ interest for terms greater than 12 months.

Bethpage FCU Money Market Rates + Account Details

Bethpage Federal Credit Union money market account rates are on the high end of standard. These accounts will likely earn you more than you would get with banks, but their rates aren’t going to top any “best of 2020” lists.

Bethpage Federal Credit Union Money Market Rates

BalanceAPY
$500 – $24,9990.50%
$25k – $49,9990.50%
$50k +0.50%

The national average for money market accounts sits at just 0.18% APY currently, but higher rates can be found through a handful of online banks.

You’ll also notice with Bethpage FCU’s money market account every balance tier is paid the same interest, which could be considered a drawback for a money market account. Often, higher interest offered on large deposits is a motivating factor when opening these types of accounts.

Bethpage FCU money market accounts require a minimum opening deposit and average daily balance of $500 to earn interest. Less than this will receive the dividend savings account APY of 0.20%. 

Dividends are paid and compounded monthly. You may make up to six transfers or withdrawals from a Bethpage FCU money market account, per federal regulation D guidelines. Finally, unlike most MMAs, you cannot write checks.

Other Savings Accounts Offered by Bethpage FCU

A Bethpage Federal Credit Union regular savings account is only going to earn an APY of 0.20%. This is better than the national average of 0.07%, but nowhere near enough to maximize your savings and is lower than the current posted regional average for Long Island, 0.26%. Open one of these share savings accounts with a deposit of just $5 to become a member of the financial cooperative, and this is also how much you’ll need to keep in the account. There is no monthly maintenance fee charged if your accounts dips below this, you just won’t earn interest.

Balance is compounded daily and credited quarterly on all Bethpage FCU savings accounts.

image credit: bethpagefcu.com

The two Bethpage Federal Credit Union youth savings account options—Youth Savings Custodial and Young Adult Savings—offer a much higher yield of 2.00% APY, but only individuals between the ages of 0-20 qualify and this excellent rate of return is only applied to the first $1,000. After that, the APY reverts to 0.35%.

The Youth Savings Custodial account (established under the NY UTMA), controlled by the custodian adult, is for those between the ages of 0 and 17 years and requires a minimum opening deposit of just $5. The Young Adult Savings account, controlled by the account opener, is for those between the ages of 18 and 20 years and requires the same opening deposit.

For a complete description of Bethpage FCU’s overdraft policies and other terms and conditions, look over the Consumer Member Account Agreement.

About Bethpage FCU + Eligibility

Despite its roots, you don’t have to be a Northrop Grumman employee or even New York resident to join Bethpage FCU. Since its emergency merger with the struggling Montauk Credit Union in 2016, Bethpage Federal Credit Union has been open membership. 

That means that anyone can join by opening a $5 share savings account, provided that the institution is still accepting online membership applications in your area/state. If they are not and you don’t already have a loan in process with Bethpage FCU, you’ll have to inquire about membership at an in-person branch. New York residents are automatically allowed to apply for membership.

There are a total of 417,152 Bethpage FCU members and the institution has $9.5 billion in total assets. Most members are residents of Long Island.

There are 34 full-service Bethpage FCU branches, all of these in the state of New York. But if you want to join and don’t live in New York, you’re not out of luck. Bethpage Federal Credit Union also participates in co-op shared branching with over 5,000 other credit unions and shares over 30,000 surcharge-free ATMs. And of course, there is always the option of digital banking, which can either be done online or through your mobile device. Bethpage FCU does not charge fees for out of network ATMs (but the ATMs might). See the fee schedule for more information. 

Final Thoughts

Though Bethpage FCU is technically open membership, it’s not always accepting new applications in every state and it only has in-person branches in New York. There are plenty of pros and cons to being a member of this credit union. As far as deposit accounts go, CD and money market account rates are fair, but the regular savings account APY is less than satisfactory. 

Bethpage Federal Credit Union receives most of its praise for interest-earning checking accounts, low minimum balances and fees, and affordable loans, and its deposit products might also be good enough for individuals living in Long Island that want a comprehensive banking experience. Bethpage FCU member satisfaction is at a fairly standard 80%, but your individual experience with the credit union will come down to what products matter most to you.

Patelco Credit Union CDs & Savings – Top Rate 2.0% APY!


Patelco Credit Union is the 22nd largest credit union in the country by asset size and it serves individuals throughout North America.

Founded in 1936, Patelco is headquartered in Dublin, California. A small town east of the San Francisco Bay.

This not-for-profit financial institution was originally created by a handful of Pacific Telephone and Telegraph Company (AT&T) employees in 1936 with just $50.

Today, it has 360,000 members across the nation and over $7 billion in assets.

Just about anyone can join as membership is not limited to California residents and/or students as some blogs mention. If you don’t reside in California, Patelco will still grant you membership by first joining the Financial Fitness Association ($8 yearly membership). We discuss this in more detail further down the article.

Patelco Credit Union CD Rates + Details

Patelco Credit Union account balances of up to $250,00 are NCUA/NCUSIF insured (FDIC equivalent for credit unions). This credit union offers a standard range of share certificate products with pretty average rates.

Patelco CD Rates:

CD TermAPY
3 – 5 months0.20%
6 – 11 months0.35%
12 – 17 months0.50%
18 – 23 months0.50%
24 – 35 months0.60%
36 – 47 months0.75%
48 – 59 months0.90%
60 months1.00%

To put the above offers in perspective, the current national average for 12 month and 60 month CDs hovers around 0.22% and 0.55% APY, respectively.

Dividends are compounded and paid monthly for terms of 12 months or more and paid at maturity for terms of less than 12 months.

A minimum deposit and average daily balance of $250 is required for Patelco certificate accounts to continue earning interest. 

As is the case for most CDs, early withdrawal fees apply. If you remove money from a share certificate within six days of issuance, you will be charged 7 days interest. There is a 10-day grace period in which you can make changes or add to a newly opened or renewed CD account.

Early withdrawals on terms of 47 months or less will incur a fee equal to whichever is less: the total dividends earned on the CD since issuance or 90 days interest. Early withdrawals on terms of 48 months or longer will incur a fee equal to the total dividends earned since issuance or 180 days dividends.

Patelco Credit Union Money Market Rates + Account Details

Patelco offers an array of money market account options. These tiered accounts earn surprisingly high blended APYs on lower balances, but rates drastically fall off a cliff for higher amounts. See rate chart below:

BalanceAPY
$0 – $2,0002.0%
$2,000.01 – $5,0001.0%
$5,000.01 – $10,0000.50%
$10,000.01 – $50,0000.35%
$50,000.01 – $100,0000.25%
$100,000.01 – $9,999,999.990.20%

You may use three money market checks per month, and these are provided free to all members. Up to six transactions are permitted per month. Unlike accounts of this type offered by most credit unions, there is no minimum balance required to earn interest. Dividends are both compounded and paid monthly.

Remember, these are blended APY rates. That means that though larger balances have lower interest rates than smaller balances, these APYs are minimum rates, not fixed rates. There is a range of APY rates that can be obtained within every tier. For example, at $2,000, you’d earn 3%; at $4,000, 2.5%; and at $8,000, 1.88%. Use this calculator to find out the exact APY you can expect on any given balance.

These money market account rates are some of the best in the country at this time. With an average APY of 0.18% for similar accounts, it’s easy to see why Patelco is particularly proud of its spread of money market options. This is one of the strongest savings tools the credit union has to offer and an excellent way to grow your money.

Other Savings Accounts Offered by Patelco Credit Union

A deposit of $1 is all it takes to open a regular savings account, the tiered savings account that you get when you become a Patelco member. Dividends on such accounts are compounded and paid monthly. The APY rate for a savings account of any balance—whether $0 or $100,000—is 0.05%. This low rate is not abnormal for savings accounts, but it is below average. The average APY today is 0.10%.

Patelco Health Savings Account Rates:

BalanceAPY
$00.05%
$2,000.010.10%
$3,500.010.25%

You’ll be able to maximize your money more effectively with a health savings account rather than a standard Patelco savings account, but these funds can, of course, only be used for healthcare expenses.

Avoid a $5 monthly account maintenance fee by keeping a $150 balance across all of your accounts. Withdrawals from a regular savings account are limited to six per month. If you violate this limit, Patelco reserves the right to close your account and transfer your funds to another account or charge you $28 per excessive transaction. 

Patelco offers a youth savings account option to teens between the ages of 13 and 17. This account is essentially the same as the regular tiered savings account and has a 0.05% APY across all balance tiers, except that the required $1 deposit is covered by Patelco and all transactions must be done in person at a Patelco branch.

You’ll also want to hear about the Patelco Holiday Club, a savings account that helps you save for the holidays. This account requires an opening deposit and balance of $20 and an automatic deposit of $20 every month from another account. A Holiday Club savings account matures on November 15th and dividends are credited at maturity to your checking or savings account of choice. Because the APY for this is still only 0.05%, it won’t save you any more money.

About Patelco Credit Union + Eligibility

There are only 38 designated Patelco branches spread out across Northern California, but there are 6,000 shared branches and 30,000 surcharge-free ATMs throughout the country on top of that. You can search for Patelco branches, Patelco Saturday branches, shared branches, ATMs, and Deposit ATMs with this location tool. Co-op branches and ATMs let members do essential banking anywhere in the country. You can also download the Patelco Mobile Banking app or manage your money online.

To join Patelco, fill out an application or give the membership team a call at (888) 386-1031. You can become a member if: 

  1. You live in certain counties (see below)
  2. You live, work, attend school, or worship in certain cities (see below)
  3. You work for or are retired from one of over 1,100 Patelco Select Employer Groups (search these here)
  4. You are a student at University of California Berkeley, San Francisco State University, or California State University East Bay or
  5. An immediate family member qualifies

Eligible California counties include:

  • Alameda
  • Contra Costa
  • El Dorado
  • Marin
  • Merced
  • Napa
  • Placer
  • Sacramento
  • San Francisco
  • San Joaquin
  • San Mateo
  • Santa Clara
  • Solano
  • Sonoma
  • Stanislaus and
  • Yolo

Eligible California cities include:

  • Bakersfield
  • Eureka
  • McKinleyville and
  • Santa Cruz

If you don’t meet any of the above qualifications, all you have to do to join is become a member of the Financial Fitness Association, a mutual-benefit nonprofit that grows its members’ financial literacy by teaching various strategies and skills related to personal finance. If you do this, you will receive one year of membership for free (otherwise $8) and do not have to renew it to maintain your Patelco membership.

Patelco has over 360,000 members and close to $7.5 billion in assets. As of February 29 2020, they had more than $5.5 billion member loans and more than $1 billion in investments.

Right now, Patelco is offering special support to members that demonstrate financial need. Give them a call if you have experienced an income reduction or need a loan or credit line increase, or if you just have questions about how the economy is changing.

Final Thoughts

Patelco is an easy credit union for anyone to join, but it doesn’t have the best rates out there on most of its suite of savings products. With that said, rates on their money market accounts are hard to beat especially for lower balances. So if you were looking for a liquid savings account (such as a money market account) and you plan on keeping a balance of $10k or less, then this may be a valuable option for you.

You probably want to look elsewhere for short term CDs or standard savings accounts, because the current offerings at Patelco fall short of the top rates held by online institutions.

BCU (Baxter Credit Union) CD Rates & Savings Review


image credit: bcu.org

BCU​ is a moderately sized credit union that ranks as the 56th largest in the nation by asset size. A state chartered credit union based in Illinois, BCU serves just over 250,000 members. When it was founded in 1981, BCU was known as Baxter Credit Union and was created for healthcare industry employees of Baxter Healthcare.

You don’t have to live in Illinois or work for Baxter to qualify for membership with this credit union, but eligibility is employment-, community-, and family-based. BCU isn’t able to offer high rates on their deposit products and user experience is varied, so it probably won’t be your first choice for those reasons. But if a bank with a personal feel and decent loans appeals to you, then it might be worth checking BCU out.

BCU CD Rates + Account Details

BCU deposit accounts are federally insured by the NCUA up to $250,000. The credit union offers a standard suite of ​certificate accounts​ with terms ranging from 3 months to 5 years.

BCU CD Rates

CD TermRegular APYRewards APY
3 months0.05%0.15%
6 months0.25%0.35%
12 months0.50%0.60%
13 months, no-penalty1.00%NA
24 months0.45%0.70%
36 months0.55%0.80%
48 months0.65%0.90%
60 months0.75%1.00%

To give the above offers some context, the current market average for a 12 month CD is only 0.29% APY. That said there are a number of online banks with APYs on certificates of deposit and savings accounts that are still higher than this. BCU’s Rewards Rates are a bit better, but still not enough to make these accounts attractive when pitted against the top rates available online.

To qualify for ​Rewards Rates​, you must meet at least two of the following requirements:

  • Direct deposit at least $500 monthly into a BCU checking account
  • Have at least $25,000 total on deposit with the credit union
  • Have a home loan, home equity, or auto loan with a balance or a credit card with a transaction in the last 30 days that is in good standing with the credit union

The 13 month no penalty certificate option is one of the most attractive deposit products available from BCU. It offers withdrawal flexibility without compromising the APY – either through fees or reduction of rate.

The minimum deposit needed to open a BCU certificate of deposit is $500. This applies to both Rewards and Regular deposits. Dividends are compounded and credited monthly. You may choose to have this interest paid to another account or redeposited back into the certificate.

BCU CDs come with a six day grace period—withdraw funds in this window after your certificate automatically renews to avoid early withdrawal penalties. If your term is one year or less, you will be charged 30 days’ interest for early withdrawal; if your term is between one and two years, you will be charged 90 days’ interest; if your term is between two and three years, you will be charged 180 days’ interest; and if your term is greater than three years, you will be charged 270 days’ interest.

BCU Money Market Rates + Account Details

BCU money market accounts​ are similarly underwhelming in terms of APY, but they still manage to beat the national averages by a hair. Current national averages sit at roughly 0.10% APY for money market accounts.

BCU Money Market Rates

BalanceAPY
$1,000 – $24,9990.05%
$25,000 – $99,9990.10%
$100,000 – $250k0.15%
$250k – $499,9990.30%
$500,000+0.40%

When many online banks are offering over 1.00% APY on balances as low as $1, it’s hard to get excited about BCU’s MMA rates, but remember these rates are variable and can change at any time.

“Money Market Special” accounts are also available to those that make a deposit of $15,000 of ​new money,​ meaning money not already on deposit with BCU or in another account, when they open an MMA. If you can deposit this much, you’ll get an APY of 1.00%.

BCU does not require a minimum balance in a money market account and therefore doesn’t charge any fees for low balances, but if you have less than $1,000 in your account, you will earn an even lower APY of 0.01%, so you probably wouldn’t want to open an MMA with less than that.

Dividends are compounded and credited monthly on all money market accounts. Per Federal Regulation D, you can make only six withdrawals or transfers from this account per month. You will be charged $10 for each transaction in excess of this limit.

Other Savings Accounts Offered by BCU

Your share in BCU will cost only $1, and the credit union will cover this for you. Money you deposit upon becoming a member goes into a regular savings account, which earns an APY of 0.01%. The national average rate for a savings account is 0.07%, so we’d recommend moving your funds to a different account once you’re a member.

There are no monthly maintenance fees or low balance charges, but you’ll need to maintain an average daily balance of $1 to stay a member. An excessive ATM transaction fee of $1.50 is charged for each transaction over 5 in a single month. Interest is compounded and credited monthly.

BCU also offers a “​Rainy Day savings account​.” This account is much more rewarding in terms of interest, but they’re a bit more complicated.

To open, you need to deposit anywhere between $25 and $1,000. Then, you need to schedule monthly payments of between $25 and $500 a month for deposit into this account. If you exceed this, the extra money will be transferred to your regular savings account. Following these rules will ensure that you earn the coveted APY of 2.00%. The catch is that you can only make two free withdrawals in a year or you’ll be charged $25 per. Also, you will need to keep depositing regularly into the account to avoid defaulting to the regular savings account APY of just 0.01%.

About BCU (Baxter Credit Union) + Membership Eligibility

BCU is based in Illinois, but individuals across the country can join if they meet any of the following eligibility criteria:

  • You work for a ​qualifying employer
  • You live in Lake, McHenry, DuPage, Kane, or Cook county in Illinois
  • You are an immediate or extended family member of someone that qualifies for membership

The primary way that those living outside of Illinois qualify to join BCU is through the first criterion, employer groups. The partner companies BCU accepts are spread out across the country and there are 87 of them—among them CVS Health and Target—so you might just qualify this way.

There are ​42 BCU branch locations​—mostly, of course, in Illinois. The credit union also participates in co-op shared branching with thousands of other credit unions and shares over 30,000 surcharge-free ATMs with other credit unions as well. So if you don’t live in Illinois you might not get to walk into a BCU in person, but you can almost definitely access your money via a nearby credit union and/or ATM.

In 2018, BCU held about $3.48 billion in total member assets and 3.12 billion in net member loans and reported a capital ratio of 10%. They have more than 250,000 members today.

Final Thoughts

At the end of the day, BCU is unlikely to be a good fit for you if your sights are set on earning high yields through a federally insured credit union. Their savings products fall short when compared to the top rates available nationwide.

They do have fairly positive reviews on the loan side of their business, and the rates that can be had there are much more attractive. Albeit largely due to our current interest rate environment rather than a tribute to BCU alone.


Ally Bank CD Rates – Still Up to 1.00% APY!


image credit: ally.com

Ally Bank is an acclaimed digital bank that offers a suite of competitive FDIC-insured online savings products including CDs, savings accounts, interest checking and money market accounts.

In this review we’ll focus on Ally Bank’s fixed-rate, certificates of deposit. They have seven standard term CDs ranging from 3 months to 5 years that can be opened as standard CDs or IRA CDs. They also have two promotional CDs – the “Raise Your Rate CD” and the “No Penalty CD.”

The Raise Your Rate CD is beneficial in an ascending interest rate environment. This product gives you the opportunity to increase your rate once over a 2-year term or twice over a 4-year term if their rate for your term and balance tier goes up while your CD is active.

The No Penalty CD, as the name implies, allows you to withdraw any amount at any time after the first six days of funding the account. You can keep the interest earned with no penalties.

For those that may not remember, Ally Bank is the rebrand of GMAC – the financial arm of General Motors. Following the financial collapse of 2008, GMAC fully rebranded to Ally Bank in 2009. Since then they’ve been recognized for numerous awards for online banking innovation, customer service, and their commitment to giving back to local communities.

Ally Bank CD Rates + Account Details

Ally Bank last lowered their CD rates on September 11, 2020. They lowered all terms except the 5 year, which remains at 1.00% APY.

As mentioned, Ally Bank has seven standard term certificates of deposit that come with no minimum opening deposit requirements. The terms range from 3 months to 5 years and come with annual percentage yields that beat the current national average by considerable margins and regularly place among the top rates for online banks nationwide.

Ally Bank CDs are FDIC insured up to $250,000 per depositor or $500,000 for joint accounts.

Ally Bank CD Rates

TermAPY
3 months0.20%
6 months0.40%
9 months0.50%
12 months0.65%
18 months0.70%
3 years0.75%
5 years1.00%

To give the yields above some context, the current national average for 12 month CDs and 5 year CDs sits at just 0.22% and 0.57% APY, respectively.

Ally Ten Day Best Rate Guarantee

All of Ally Bank’s CDs come with a “ten day best rate guarantee.” This means that if you fund your account within 10 days of opening it and rates go up during this time, you will get Ally’s best rate for that term and your balance tier during that time. This also applies with CD renewals.

Interest is compounded daily which gives your overall APY (annual percentage yield) a boost over bank deposits that compound less frequently like monthly or quarterly.

Tiered rates by deposit amount do exist in more favorable savings rate environments; however, Ally Bank CDs pay the same APY for each term regardless of your deposit amount currently.

Early Withdrawal Penalties

Early withdrawal penalties at Ally Bank vary by CD term. They are as follows:

  • CD terms of 24 months or less will incur an early withdrawal penalty of 60 days’ interest.
  • CD terms of 25 – 36 months will incur an early withdrawal penalty of 90 days’ interest.
  • CD terms of 37 – 48 months will incur an early withdrawal penalty of 120 days’ interest.
  • CD terms of 48 months or longer will incur an early withdrawal penalty of 150 days’ interest.

Grace Period

Ally Bank has a standard grace period of 10 days where you can withdraw, add or transfer funds without incurring a fee. If nothing is done during this period, the CD will renew under the same terms at the current APY.

Ally Bank Loyalty Rewards for CD Account Holders

Ally Bank has a little-known loyalty program for those that continue to open and/or renew certificates of deposit with them. Currently, they are giving a 0.05% APY bump when you renew any CD with them. Be sure to check back 30 days before your CD matures to see what the reward is at that time.

Ally Bank “Raise Your Rate CD” Rates + Details

The Raise Your Rate CD offered by Ally Bank is going to be best suited for a climbing interest rate environment. Given the fact that CD rates are generally fixed throughout their duration, an opportunity to give your CD rate a bump when interest rates are on the rise, can be a huge benefit. And one that many other banks do not offer.

Ally Raise Your Rate CDs

TermAPY
2 year0.70%
4 year0.70%

The 2 year Raise Your Rate CD will give you the opportunity to increase your rate once over the life of the deposit.

The 4 year Raise Your Rate CD will give you the opportunity to increase your rate twice over the life of the deposit.

Ally Bank “No Penalty CD” Rate + Details

Withdraw any amount fee-free after 6 days of funding the account.

The Ally Bank No Penalty CD comes with only one term at the moment. The term is 11 months. You can withdraw any or all of your money from this deposit at any time after six days from funding the account.

Ally Bank No Penalty CD Rate

TermAPY
11 months0.60%

As with Ally Bank’s other certificate of deposit products this APY is the same regardless of your deposit amount. In the past Ally Bank has rewarded larger deposits with higher yields; however, rates today are the same across the board for all amounts.

Final Thoughts

Ally Bank keeps their CDs simple and rewarding with no monthly maintenance fees, no opening deposit requirements and even the opportunity to open a “no penalty CD” with fee-free access to your deposited funds.

The APYs on their IRA CDs and regular CDs beat the current national average(s) handily, but pay the same yields on all terms regardless of deposit amount. There are also no differences in rates whether the CD is opened in an IRA or not.

Ally Bank’s digital interface – both online and through their IOS and android apps – are very intuitive and allow for easy deposits and account monitoring as well.

SunTrust Bank Money Market Review + CD Rates and Savings Accounts


image credit: suntrust.com

SunTrust Bank​, now Truist, is a hybrid brick-and-mortar and online bank. Their branch locations are limited to a handful of Southeastern states, but their personal banking products can be managed 100% digitally – making this corporation accessible to just about anyone.

In 2019, BB&T and SunTrust merged to become Truist Financial Corporation. But today, the two banks still operate separately and offer a distinct set of products.

On the savings side of the equation, SunTrust’s FDIC-insured products include interest checking, savings accounts, money market accounts, and CDs.

But how do they stack up?

First off, if you value an in-person banking experience and don’t live in the Southeast, SunTrust likely isn’t for you. But if you do live near a branch and/or you’re ready to go digital then you could consider them as an option. Just don’t expect much in the way of savings rates at the moment.

SunTrust Essential and Select Savings + Advantage Money Market Account Details

All of SunTrust deposit and savings accounts are federally insured by the FDIC to the legal limit of $250,000

SunTrust Bank offers two savings account options:

SunTrust Essential Savings Account

BalanceAPY
$0.010.01%

A ​SunTrust Essential Savings​ account earns a pitiful rate of 0.01% APY. This almost makes the national average of 0.06% APY look less terrible than it really is.

Interest is compounded daily and credited quarterly. You need only maintain an average daily balance of $0.01 to avoid closure, so while there is technically a minimum balance requirement, access to this account isn’t restricted to wealthier individuals.

This account doesn’t require a minimum opening deposit either, and it also doesn’t charge any monthly maintenance fees. There is, however, an incentive to go paperless in the form of a $3 paper statement fee.

SunTrust Bank Select Savings Account

BalanceAPY + loyal customer bonus
$1,0000.01% + 1.0% bonus (up to$25)

With a ​SunTrust Bank Select Savings​ account, you’ll be getting a slightly less basic account with a (sort of) better rate. The standard APY on this account is also 0.01%, but loyal customers can earn an annual bonus worth 1% APY of their balance up to $25. In other words, you can make up to $25 on top of whatever you’re earning from the paltry 0.01% APY.

A Select Savings account comes with a $7 monthly maintenance fee that can’t just be dodged by going green with billing, but it​ can​ be avoided in one of two ways:

  1. setting up automatic transfers totaling $25 or more per statement cycle
  2. or by maintaining an average daily balance of at least $1,000.

SunTrust Advantage Money Market Account

BalanceAPY
$10,0000.01% + promo introductory rate (call for details)

Finally, there are the ​SunTrust Advantage money market accounts​. The national average rate on a money market is currently a measly 0.09%, so you might be surprised to find that right now, SunTrust Bank is paying only 0.01%. But this isn’t always the case—this bank often offers promotional introductory rates that are far better than this, but you’ll actually have to call customer support to inquire about offers in effect as rates vary by area and account history and aren’t posted or searchable.

And although rates aren’t currently listed, they are tiered rates calculated by balance. These are the balance tiers:

  • Tier 1: <$9,999.99
  • Tier 2: $10,000 – 24,999.99
  • Tier 3: $25,000 – 49,999.99
  • Tier 4: $50,000 – 99,999.99
  • Tier 5: $100,000 – 249.999.99
  • Tier 6: $250,000 – 499,999.99
  • Tier 7: $500,000 – 999,999.99
  • Tier 8: $1,000,000 – 1,999,999.99
  • Tier 9: $2,000,000+

Interest on a money market account is compounded daily and credited monthly. A minimum balance of $10,000 is enforced through a $17 low balance fee. This can be avoided by either meeting the balance requirement or setting up an electronic transfer/deposit of at least $100. You will need to make a deposit of at least $100 upon account opening.

No matter what SunTrust savings account you have, you’ll be restricted to 6 transactions per account, per month—this, of course, is the government’s rule, not SunTrust’s. Transact more than this and you will incur a fee of $6 per transaction on an Essential or Select savings account and $15 per transaction on a money market savings account.

One final note on SunTrust Bank savings accounts, which may or may not make up for these lackluster rates, is that they make you eligible for a 10% loyalty cash bonus if you a) Have a SunTrust Rewards Credit Card​ and b) Redeem the cash bonus you get from this card into a deposit account (via ACH transfer). Essential, Select, and Advantage Money Market savings accounts count toward this bonus.

SunTrust Bank CD Rates

SunTrust Bank Advantage CD​ rates are similarly elusive, but you can ​search current promotional rates by area here​. This is what we found for the vast majority of zip codes. If you found something different please leave us a comment on this post, or email us a screenshot of the rates you see.

SunTrust Bank CD Rates

CD TermAPY
6 month0.05%
12 month0.05%
18 month0.05%
24 month0.05%

To give the offers above some context, the current national average on a 12 month CD sits at just 0.27% APY currently. All SunTrust certificates do manage to come in slightly above this, however much better deposit rates can still be had elsewhere.

A minimum deposit of $2,000 is required to open an Advantage certificate account. In the fine print, you’ll see that SunTrust Bank requires you to have a checking account with them before they’ll let you open an Advantage CD.

Early withdrawal penalties are issued based on the amount of time you have left on a term, not the full length of the term upon issuance. The fees are as follows:

  • If you have 1 to 31 days remaining, you’ll pay 180 days’ interest.
  • If you have 1 to 6 months remaining, you’ll pay 270 days’ interest.
  • If you have 12 to 24 months remaining, you’ll pay 360 days’ interest.
  • If you have 24 to 60 months remaining, you’ll pay 720 days’ interest.
  • And if you have more than 60 months remaining, you’ll pay 1080 days’ interest.

You can make ONE penalty-free withdrawal within 7 days of opening or renewing an account.

Banking Experience and Customer Sentiment

Both BB&T and SunTrust ATMs are available for SunTrust customers to use. This adds up to over 2,000 ATMs to use surcharge free. On top of that, SunTrust Bank has ​branch locations​ in the following states:

  • Alabama,
  • Arkansas,
  • District of Columbia,
  • Florida,
  • Georgia,
  • Maryland,
  • Mississippi,
  • North Carolina,
  • South Carolina,
  • Tennessee, and
  • Virginia.

You will be refunded up to 3 times per statement cycle for transactions made using out-of-network ATMs.

SunTrust Bank scores about average in the customer banking experience department. The bank has received a fair amount of negative reviews recently, especially with regard to mortgages and personal loans, but has 3.5 stars overall out of 679 reviews on WalletHub. This is slightly better than average, but out of 169 reviews on ConsumerAffairs (which seems to be the place people go to complain), the bank has 1.1 stars.

In general, SunTrust Bank physical branch locations, good enough remote service, and easy set-up processes are sources of satisfaction for many. While unexpected account closures—a theme across many digital bank review forums—and merger complications are common complaints against the bank.

If you bank with SunTrust Bank, you can probably count on decent customer service over the phone, but if you live near a branch location, you’re likely to get better service there. To get in touch with customer support, call 1-(800)-786-8787 (hours not listed).

The SunTrust Bank app performs well with ​4.4 stars on Google Play​ and ​4.1 stars on the App Store​. The bank’s mobile and online platforms are said to be easy-to-use and relatively glitch-free.

ACH Transfer Limitations:

SunTrust Bank limits external ACH inbound transfers to $10,000 per transaction and per day, and outbound ACH transfers to $2,000 per transaction and per day.

Final Thoughts

Yes, this bank has offered stellar APYs in the past, however with the savings rates offered today there is little to be excited about here.

This bank is going to be more for people that live in the Southeastern part of the country who prefer the option of walking into a branch to manage their accounts. This isn’t going to be a great fit for rate hounds, low-income individuals, or anyone looking to grow their money with FDIC-insured savings vehicles. Account options are limited, come with the potential for rather steep fees, and are generally at or below average in terms of rates.

PurePoint Financial Online Savings 0.40% APY + 0.25% APY CDs


image credit: purepoint.com

MUFG, short for Mitsubishi UFJ Financial Group, is the fifth largest financial corporation in the world holding assets totaling around $2.6 trillion – yes with a “T.”

In the U.S., this institution operates as MUFG Union Bank, N.A., and PurePoint Financial is this massive bank’s personal savings division.

PurePoint Financial’s savings account was named a “Best Savings Account” in 2018 by Kiplinger’s and the hybrid digital bank was granted a prestigious FIS Impact Award for innovation in the same year.

But recognition aside, PurePoint Financial is a simple online bank with a limited number of products. Offering just a savings account and 2 types of CDs, PurePoint isn’t trying to facilitate all of your banking needs, but they will try and entice you into one of their high yield deposit accounts.

Below we review the FDIC-insured, deposit products PurePoint Financial has available for you.

PurePoint Financial Online Savings Account Details + APY

With PurePoint Financial, deposits are federally insured by the FDIC up to the maximum allowable amount of $250,000 per depositor. For joint accounts coverage is up to $500,000.

PurePoint Financial Online Savings Account

BalanceAPY
$10,0000.40%

A PurePoint Financial Online Savings account comes with an APY of 0.40% making it a fairly competitive offer. This interest rate, of course, handily beats the exceptionally poor national average of 0.06% APY and will certainly provide you with above-average returns.

That said, there are currently higher yields with lower minimum balance requirements offered through other online savings institutions. This doesn’t mean that 0.40% isn’t a solid offer, it just means that for you rate chasers out there, you won’t be locking in the top APY. Keep in mind too, that these are variable rate savings accounts and the APY can change at any time without notice.

As mentioned, PurePoint Financial savings accounts require a high minimum opening deposit of $10,000. This is one of the primary drawbacks.

If you can meet the minimum deposit requirement, you’ll be relieved to know that the account doesn’t have any monthly maintenance fees. Plus, once you’ve made the initial $10k minimum deposit, you won’t be charged any fee if your balance dips below that $10,000 mark. Just know that you’ll only earn the advertised APY if your average daily balance meets the $10,000 threshold.

Interest is compounded daily and dividends are paid to your account monthly. Per federal regulation D, you may make no more than 6 transactions into or out of this account in a month. If you do, you’ll be charged an excessive transaction fee of $10 per deposit or withdrawal, not to exceed $50 per statement period under any circumstances.

This account can be easily funded via online funds transfer, wire transfer, mobile check deposit, or check by mail sent to the address below: PurePoint Financial P.O. Box 870 Glendale, CA 91209

PurePoint Financial CD Rates + Account Details

PurePoint Financial offers standard CDs and a No-Penalty CD. See the chart below for current rates on their certificates of deposits.

PurePoint Financial CD Rates

CD TermAPY
6 month0.25%
12 month0.25%
15 month0.25%
18 month0.25%
24 month0.25%
30 month0.25%
36 month0.25%
48 month0.25%
60 month0.25%

The going rate on a 12 month CD sits at just 0.22% APY nationally, making PurePoint Financial’s 12 month offer pretty attractive by comparison. However like their online savings account, better rates on 12 month deposits can be found elsewhere online and even through a handful of credit unions.

At the 12 month term onward, all of PurePoint’s certificates of deposit currently provide the same yield.

All PurePoint CDs, like the savings account, require a minimum deposit of $10,000. Interest is compounded daily and paid monthly. You may opt to have these dividends credited back into your certificate account or paid out to another account. 

You have 10 days after this certificate automatically renews to make penalty-free withdrawals or changes to your term. If you need to withdraw after this or before a CD matures, you will be charged a flat early withdrawal fee of 180 days’ interest. This is reasonable for longer terms, but steep for shorter ones.

Their No-Penalty CD provides a solid return without penalizing early withdrawals. So if you’re concerned that you may need some of your deposit before the product matures, you may want to consider one of these.

PurePoint Financial “No-Penalty CD” Rates

CD TermAPY
11 month0.15%
13 month0.10%
14 month0.10%

You may withdraw the total balance of your certificate as soon as 7 days after issuance without fear of fees or penalties with a No-Penalty CD.

The trade-off is that these rates are lower than those issued on their standard certificate counterparts, but the added flexibility may be worth the drop in APY.

The PurePoint Best Rate Commitment, attached to all certificate accounts, guarantees that you’ll get the best rate offered for 10 days after a new CD is issued or renewed.

PurePoint Financial Banking Experience & Customer Sentiment

ATM/debit cards are not available on any PurePoint accounts, so forget about using ATMs with any PurePoint Financial account. There are also no physical branches either, making cash access possible only through withdrawals by check.

So what do actual customers have to say about their experience banking with PurePoint Financial?

In general, not a lot. Very few user reviews have been left for this bank, especially when compared to the number of reviews usually left for banks and credit unions, so it’s difficult to definitively say how customers feel about their banking experience with PurePoint. However, PurePoint Financial, founded in just 2017, is a relatively new kid on the block and doesn’t have as many long-time customers as other digital banks do.

However, from what has been said about the bank, customer service is good and users can count on this, making for an overall positive experience. This support team is proactive enough in getting and responding to feedback that their representatives can be seen commenting on user ratings left on review platforms. Lowered interest rates are a common source of disappointment among customers, but this is pretty much a universal truth across many institutions. Many users have also reported that the application process can be a hassle, but this doesn’t seem to be the case for most.

At this time, PurePoint Financial doesn’t actually have a mobile banking app for Apple or Android devices. This doesn’t mean that you can’t log onto your account from your phone using the mobile web, it’s just not as user-friendly of an experience as native apps tend to be.

ACH transfers from external accounts into a PurePoint Financial account are limited to $250,000 per day and $1,000,000 per month. ACH transfers from a PurePoint Financial account into an external account are also limited to $250,000 per day and $1,000,000 per month.

The client support center is available to take your call Monday through Friday from 8:00 AM to 9:00 PM Eastern Time. There is no holiday or weekend availability. If you’d prefer, send a secure message through the online banking portal.

Final Thoughts

PurePoint Financial might fit the bill for some, but the majority of consumers might be wise to keep shopping around a bit more. PurePoint Financial never claimed to be a full-service bank, but its services and products are limited even for a digital institution. The fact that this bank doesn’t have a dedicated banking app definitely takes away from the convenience a digital bank is supposed to offer.

With no app, ATMs, weekend customer support availability, etc., the accessibility of this bank is somewhat poor compared to similar online-only banks. But if you are attracted by the rates at PurePoint, then this may be an OK option. Though their CD rates fall short of their competitors, PurePoint’s savings account is a solid option, and has remained near the top of the leaderboard over the past few months.